Coin Market Cap - Ripple (XRP) Price & Analysis, June 17, 2021 [CoinMarketCap]
It has been an amazing year for the digital possession XRP, which showed remarkable development in the last number of months. Revealing in December 2020 that the SEC would take legal action against Ripple for performing an unregistered securities offering had a substantial influence on the value of XRP going into the brand-new year.
XRP has continued to post three-year highs since then, and reached $1.9669 in mid-April, despite the SEC news. Negative news hit the crypto-verse again in the last couple of days of May, leading to Bitcoin and XRP dropping to a low of $30k and $0.65, respectively.
Crypterium research analysts anticipate that if the $0.80 support is not maintained, XRP could retest $0.65. XRP is presently trading at $0.8464. This is what they said:
"XRP price continues to drop and is down 5.2% on the week. A descending triangle pattern shows up on the chart. Purchasers provide strong support around the $0.80 mark.
The coin has actually not yet revealed any indications of development after the current decreases. As a result, we prepare for a decrease to $0.65, with a possible breakdown above that level.
The 200-day moving average is presently the last line of defense of XRP from a bearishness, as holds true with a lot of digital properties in the crypto market at the moment.
XRP/USDT chart shows that the crucial moving average is providing support at $0.72.
A weakened structure by XRP is visible from XRP's daily MACD, MFI, and RSI indicators, all of which indicate a retest of the 200-day moving average.
In other words, if bulls fail to defend XRP at the 200-day moving average, the remittance coin will most likely go on to retest its previous low of $0.65.
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